Ins and outs of estate planning, administration

Presented by Law Offices of Richard Macgurn

Richard Macgurn, Attorney at Law in Carlsbad, wants people to understand the ins and outs of estate planning and the importance of entrusting the administration of one’s estate to an experienced professional in order to avoid unnecessary heartache and extra expenses.

An estate plan typically includes Trusts, Wills and Powers of Attorney to provide for disability, facilitate distribution of assets, and designate trustees, guardians for minor children, beneficiaries and authorizations to make health care decisions.

A properly prepared estate plan, and fully funded trust, can avoid probate, ensure privacy, and save time, administration expense and, in large estates, estate taxes. Proper planning can keep your estate out of the Superior Court.

The process of probating a Will is to determine its validity and ensure that the estate is administered properly. This includes supervising an inventory of assets, payment of debts, taxes and administration expenses, and the distribution of the estate.

“Probate means that someone died and the estate needs to be administrated,” said Mr. Macgurn. “Wills generally need to be probated. One should do more planning than just creating a Will and allowing it to be probated. One of the interesting things about probate in California is that if you have more than $50,000 in real estate property or $150,000 in personal property in your individual name (with no beneficiary designation) your estate must be probated.”

An attorney who is knowledgeable of procedural requirements and California Probate Code as well as state and local rules is needed to close estates quickly and efficiently with maximum benefit to heirs.

Mr. Macgurn knows about this issue first hand. His father passed away during the summer before his junior year of college. His father’s estate remained in probate over the next 10 years. Shortly after graduating from law school, Mr. Macgurn filed a lawsuit on behalf of his family to compel the distribution of the estate and recover losses caused by the executor’s delay and failure to pay estate taxes.

“The fact of the matter is that not only are large estates impacted by probate, but also very modest estates, without proper planning,” explained Mr. Macgurn. “If you are in that situation, find an attorney who is very knowledgeable and not distracted by other issues. Hire somebody with experience and values. As a general rule, the only people who make money in the courts are the lawyers. It’s important to us at The Law Offices of Richard Macgurn to help our clients save administration expenses and time, and we have the experience and ability to get the job done efficiently and correctly in the least amount of time.”

For the past 30 years, The Law Offices of Richard B. Macgurn has provided reasonably priced, quality legal services in the areas of Estate Planning, Probate and Trust Law, Estate Litigation, Guardianship and Conservatorship, Real Estate and Business.